November 2017

From making payments through SMS to banking and shopping on your smartphone, the mobile wallet industry has grown significantly. But, it couldn’t have happened without rapid advancements in technology. Take a look at how the digital wallet has evolved over the years.

According to Google-Boston Consulting Group’s 2016 report, 81% of existing digital payment users prefer mobile wallets as their mode of payment. The number of Indian consumers opting for digital payments for online and offline transactions is estimated to grow to a staggering 90% by 2020. The ease of use of these mobile wallets and a large number of incentives are the drivers of popularity of digital wallets in India.

The technology powering mobile wallets has been rapidly evolving to create more efficient and convenient versions. So, take a look at how the mobile wallet industry has leveraged technology to mature over the past 11 years.

The very beginning

It all started over a decade ago, with Wallet365. A Times Group and Yes Bank collaboration, Wallet365 was a nascent beginning. Powered only by 128-bit encryption and VeriSign certification, it allowed you to make transactions and payments to a mere 100 merchants. With the aim of shifting the consumer from credit cards to secure online transactions, Wallet365 only required you to have an email ID. The goal was to overcome credit card fraud, and this wallet prided itself on its secure payment gateway and ease of use.

A year later, Vodafone launched M-Pesa in Africa, which eventually made its way to India in 2013. Essentially a mobile phone-based transfer and financing system, M-Pesa can be considered as a basic version of the digital wallets of today. This system allowed its users to transfer small amounts of money to another person’s mobile, pay bills, or initiate withdrawal of money. While it did cover the basic gamut of services, it most certainly left a lot to be desired, especially in terms of ease of use, scope of use, and safety.

Between 2006 and 2010, the mobile wallet industry established its foothold in India. The RBI approved the usage of closed wallets (that can be used to buy products and services from only one company), and e-wallets such as MobiKwik, Oxigen, and FreeCharge were introduced.

Mobile wallets gain momentum

In 2011, PayTM made an entry. The idea was to overcome the hassle of an internet connection that failed right when you’re paying for a ticket or a bill online. The goal was simple: to do away with the step where a customer is redirected to a bank’s payment page and quicken the process.

In 2012, banks began to launch e-wallets that linked their own debit and/or credit cards to their customer’s mobile phone. An example of this would be the collaboration between HDFC and Movida. The e-wallet allowed you to pay bills, buy flight tickets, and recharge your mobile phone. Driving this e-wallet was a technology known as USSD. Essentially, it is a service used to facilitate mobile-money services along with location-driven content and menu-based content services. Unlike an SMS, the USSD messaging creates a channel that allows simultaneous exchange of data. It was a venture driven by the idea of allowing HDFC customers to carry out basic transactions without needing a high-end handset.

In the same year, Airtel Money, a semi-open digital wallet, was introduced in 300 cities in India. A huge step up from Wallet365’s network of 100 merchants, Airtel Money allowed you to load cash on to your mobile and use it to pay bills, perform recharges, shop at over 7,000 merchant outlets. This platform was powered by Infosys’ WalletEdgeTM and was capable of performing millions of transactions and was very safe.

Quick on Airtel Money’s heels was MobiKwik. It allowed customer-to-store transactions through a semi-closed wallet. The mobile wallet also launched MobiKwik Lite towards the end of 2016, with the aim of extending the benefits of a digital wallet to rural areas. This version runs on 2G data and is less than 1MB in size, thereby countering problems such as poor connectivity and limited phone storage capacity. Moreover, with RBI’s approval, MobiKwik has been able to offer its users the option to store up to Rs. 50,000 on the wallet for various transactions.

The current scenario

In 2014, the RBI allowed the creation of Payment Banks by telecom operators, supermarkets, and electronic wallets. They were given the freedom to accept deposits, basic savings, and provide remittance services. The first such bank was ICICI Bank’s Pockets in 2015, followed by Flipkart Money (now called PhonePe) in 2016 and Airtel Payments Bank in 2017.

However, between 2015 and 2017, there was also a lot of support extended by the government that helped bolster the mobile wallet industry. According to the RBI Data Warehouse, by January 2016, 48 million mobile wallet transactions had taken place. To boost the number of transactions and improve security, National Payments Corporation of India (NPCI) rolled out UPI or Unified Payments Interface in April 2016. The USP of the system was that it featured a single interface to send and receive money through a ‘single identifier’ such as a phone number or email address. This tokenisation eliminated the need to enter important information such as your bank details each time you want to perform a transaction.

Driven by demonetisation

In November 2016, Prime Minister Narendra Modi’s bold demonetisation move further shifted the focus to mobile wallets. The NCPI launched the BHIM app that used UPI to make payments ‘simple, secure, and super-fast’. It is a government-backed application that allows you to send and receive money and make bill payments, regardless of whether you have a smartphone. Driven by the cash crunch, the BHIM app was downloaded 17 million times by January 2017, and the number of mobile wallet transactions increased to a never-seen-before 213 million, according to RBI’s Data Warehouse.

What followed was a flurry of activity that strengthened the mobile wallet industry in India. In January 2017, Airtel launched the Airtel Payment Bank, powered by technology that facilitates digital and paperless banking without any processing fee for online transactions. By mid-2017, Hike introduced a payment wallet, within its messenger app, backed by the Indian government’s UPI. Soon after, Telangana became the first state to launch its own official e-wallet, called T-wallet and Axis Bank launched LIME. LIME allows you to shop, perform banking, and make payments through a mobile wallet—making it an app that is the first of its kind in the country.

As of October 2017, digital transactions backed by UPI multiplied 77-fold and hit the Rs.70.57 billion mark. Government directives such as the one asking banks to reduce fees on online transactions further strengthen the scope of the industry and ease of operation and security for users. This, combined with features such as a multilingual interface has led to digital wallet transactions growing from $1 billion to $9 billion in just one year, from 2016 to 2017.

Looking forward

While Near Field Communication is already a popular payment option in USA, going forward, it is likely to be a sought-after option in Indian markets too. By allowing your phone and a payment terminal to connect wirelessly, often with just a tap, it allows contact-less payment. Samsung Pay is one such NFC player. Since the connection is highly encrypted, it is a secure payment option for consumers looking to go digital.

This year, India became the second-largest smartphone market, with 220 million users. So it comes as no surprise that India’s mobile wallet industry will grow to $4.4 billion by 2022 (according to Capgemini’s World Payment Report 2017). Furthermore, according to BCG Google Digital Payment 2017 report, the number of non-cash transactions will exceed cash transactions in the country by 2023, as internet-enabled smartphone users cross the 650 million mark. With milestones being crossed rapidly, it’s evident that there’s simply no stopping the mobile wallet industry.

So, it’s time that you got on the digital wallet bandwagon with the latest Bajaj Finserv Wallet powered by MobiKwik. It not only allows you to pay merchants and friends, but also buy a host of products on EMI. See more here.

Digital wallets saw a spike in usage late last year, and they’ve been adopted by both people and businesses in the months that followed. Take a look at how the wallets have fared in rural and urban India.

According to a Google-Boston Consulting Group study, the digital wallet industry in India is pegged to grow to a staggering $500 billion in just three years. The number of internet users that are likely to adopt this technology is expected to 50% during this time. Moreover, it will contribute a sizeable 15% to India’s GDP, which goes to prove that going cashless is the way the country is headed.

Also, late last year, when insufficient cash reserves caught Indians unaware, digital wallets provided a simple solution: the same ease of access to your money, without having to transact with cash.

While urban India was quick to make the transition, and use mobile wallets to their full potential, the same can’t be said for smaller towns and villages. Let’s take a look at how both regions performed in their attempts to go cashless.

Rural India is riddled with apprehension

When it comes to rural India’s experience with mobile wallets, the problems are aplenty. There is poor connectivity and not enough awareness on how to use data on a smartphone. All this, however, assumes that people in small towns and villages have access to, or want to switch to a smartphone. But, sample this: A recent study by research firm Kantar IMRB showed that out of its pool of feature phone users, only 15% would consider shifting to a smartphone, a number that’s is far from encouraging.

Another facet of this problem is the fact that not all smartphone users use data. Gopal Vittal, CEO and MD of Airtel India recently said that out of all smartphone users, only 60%–70% use data. So, it is safe to say that the first hurdle one must clear is to get people from rural areas to use data on their smartphones, before acquainting them with digital wallets.

Add to it the issue of poor connectivity. Several countries such as Australia and Singapore have completely done away with 2G technology, due to a newer and better data network. In India, however, 2G is often the only network that actually works in rural and semi-urban areas. With insufficient infrastructure, these areas don’t have adequate connectivity required to use mobile wallets easily and quickly.

But most importantly, mobile wallets are a new concept, which makes it difficult for people to trust and accept implicitly. They don’t understand how to use it, nor do they trust mobile wallets because they are often not associated with a bank. When faced with several mobile wallets, it all becomes a bit overwhelming. Interestingly, Brand Equity spoke to women who were a part of Google and Tata Trust’s Internet Saathi programme. They found that while these women are keen to explore mobile wallets, they aren’t sure of how to use them and fear losing their money in the process. This is despite the option to choose a regional language in most m-wallets today.

However, the future for rural Indians adopting digital wallets seems bright. According to The Economic Times, in 2020, rural users will constitute half of all Indian internet users. With Mobikwik and Paytm tying up with over 15,000 kirana stores in rural India, using mobile wallets for payments becomes even more convenient.

How mobile wallets can help rural India

They are convenient and quick

When positioned as a tool that can free them of the hassle of standing in queues to pay an electricity or phone bill, the mobile wallet becomes an exciting proposition that makes payments simpler. Add to it the convenience of booking bus tickets and transferring money using just a mobile number, and Indians have on their hands a tool that can help them save precious time and energy.

They boost savings

Any technology becomes more enticing when it helps you save money. For an audience that is scared of losing their money when they transact using digital wallets, this is a USP. Cashbacks, discount vouchers, offers, and reward points help people save more and get better value in exchange for the money that they are spending.

They simplify finances

For an audience that has minimal financial knowledge, a mobile wallet’s interface is extremely user-friendly. It gives them a comprehensive overview of their finances, be it wallet balance, loan details, or transaction history. With all details updated in real time, this feature adds to a digital wallet’s appeal.

After all, whether it is to book movie tickets, order food, explore hotels, get one’s fill of the news, for a citizen in urban India, turning to the internet is a reflex action. This is primarily because they’ve had longer exposure to technology—both the internet as well as mobile wallets—which has led to more awareness. Moreover, they pride themselves on making smart, economical decisions, and are always looking to make life more convenient. So, mobile wallets are a seamless integration into their lifestyle. This is especially true for millennials and generation Z.

How mobile wallets help urban India

They offer enhanced security

Smartphones are password-protected (if not fingerprint-protected) and a good digital wallet uses highly encrypted procedures to protect their sensitive data. So on the whole, there is no worry about protecting oneself from online threats or malware. The mobile wallet takes care of it for you.

They suggest stores to help you save time

Certain mobile wallets give you vendor suggestions based on your location and past search history. This helps you find exactly what you’re looking for without putting in any effort yourself.

They offer services of an EMI Card, digitally

Wallets such as the Bajaj Finserv Wallet app helps take an EMI Card digital. It functions exactly like your EMI Card, without the need to carry it with you at all times. This also means that you have the provision to block your card using the wallet, in case of theft or misplacement via the app. Most importantly, it also allows users to purchase items at easy EMI. Combining affordability, security, and the freedom to transact at your own convenience makes this app a winner for the urban Indian.

It is evident that while the average modern Indian is comfortable with the idea of dabbling between different mobile wallets and understands how to leverage their features to suit him/her, to bring rural India on board, there needs to be greater involvement in building awareness and trust. Also, with more cash back into the economy, there must be sustained efforts to ensure that consumers are constantly reminded of the benefits of mobile wallets in the long run. Only then can India go cashless in the truest sense of the word.

A loan against property is a convenient financing solution for all your needs, whether they are personal or work- related. Doctors like you can use it in four main ways:

To Expand Your Practice:

In its growth phase, a clinic or hospital requires finance. It is a must when purchasing more equipment, hiring staff, training fellow doctors, finding and leasing or buying the right premises and marketing your clinic. For example, a sports physiotherapist needs to ensure that his facility has all kinds of amenities. From the right equipment to comfortable treatment beds, he/she must take care of every little detail for maximum patient satisfaction.

To Buyout Mortgage:

You may find that your current home loan is not effective. It may be that your existing lender has high interest rates compared to the market rates prevalent right now or that it doesn’t offer you the services you desire, such as the right to make part prepayments or customised insurance schemes.

In such cases, you could use a loan against property to carry out a home loan balance transfer, choosing a lender who offers you lower interest and better customer service.

To Consolidate Debt:

It is possible that a clinic or hospital has several debts that accumulate over time. For example, these can be in the form of credit cards used to pay for business expenses. A physiotherapist, for instance, may have paid for shipments of support casts and resistance bands using a credit card. He may have used another credit card to make payments of clinic software and billing software.

A loan against property can be used to consolidate debts and repay them before the tenor lapses.

To Fulfil Personal Needs:

This loan also finances a doctor’s personal needs such as renovating his/her home, purchasing a new car, financing an overseas education and more.

Now you know how versatile a loan against property for doctors is and how it is ideal for meeting immediate financial needs. Take a look at its many benefits:

1. High Loan Amount To Meet Any Financial Need:

This loan gives you the facility to borrow up to Rs.2 crore without any hassle.

You have complete discretion over how this loan amount is used.

2. Flexible Repayment Options And Nominal Interest:

This loan lets you choose a tenor up to 180 months.

So, you can pick a repayment period that is convenient for you and is in line with your finances.

3. Quick Approvals And Disbursals:

Once you submit your application online, your loan will get approved within 24 hours.

Then, the loan amount is disbursed to your bank account. This is done within 48 hours after document verification.

4. Make Part Prepayments Without Extra Charge:

This loan offers complete freedom over prepayment of the loan. You can prepay any amount of the loan, at any given time (if you have excess funds) and thus lower your financial burden.

Moreover, there are no extra charges associated with part prepayment of the loan.

5. Value-Added Services:

If you are buying a home, this loan offers various value-added features like property search and property dossier services.

The property dossier is a detailed handbook that takes you through the legal and technical aspects of purchasing a home.

The property search is a dedicated department that helps you find the right property for your budget.

6. Quick Online Application And Easy To Meet Eligibility Criteria :

The loan has a quick 4-step online application. Once you complete it, the loan amount is approved within 24 hours.

All Indian nationals can apply for this loan by submitting minimal documentation like KYC documents, PAN card and Medical Registration Certification. This makes it easier and faster to get access to a loan.

7. A Convenient Line Of Credit Option:

This facility gives you access to a handy credit line. You can use this to make multiple withdrawals depending on your needs.

This feature is ideal for those with unpredictable cash needs. You have to pay interest only on the amount used by you. You also have the freedom to change your line of credit to a term loan at any point, during the tenor.

8. Online Account Access:

Most loan providers give you online access to all the important details of your loan like interest statements and balance details.

All you have to do is enter your user ID and password and log in to the secure customer portal.

Damages to your car or bike can be expensive to repair. If the damage is severe, repairing it can be almost as expensive as the purchase price. But, if left unrepaired, it will cause a fall in the value of your automobile. Hence, you need auto insurance to protect your interests and finances.

So, cars with an active insurance scheme are likely to have more financial value.

As a result, a car or bike with an insurance policy will fetch a higher resale value than a car without an insurance.

Pays for repair expenses

If you’re driving on the road, there is no way to be completely protected from an accident.

While you can’t rule out damages to your vehicle, you can reduce expenses borne because of car or bike repairs. They are usually expensive and will vary from model to model. But, without an insurance scheme, it will certainly eat into a significant chunk of your income.

An insurance policy will help you fund these repairs partially or completely, depending on the terms of your plan. This reduces the financial burden of car repairs on your pocket.

Coverage against damage due to natural calamities

When you pick a comprehensive own damage auto insurance, apart from accidents, it will also protect your car or bike against damaging arising due to natural calamities.

Usually, auto insurance policies protect you against fire, floods, lightening, landslide, cyclone, hailstorm as well as fire and shock damage due to an earthquake.

Coverage against damage caused by man-made calamities

Most commonly, an auto insurance policy will cover you against man-made calamities such as theft. But, it also covers a host of other situations.

These situations include burglary, act of terrorism, strike or riot and damage while traveling by road, waterways or air.

Regardless of man-made calamities or natural ones, it is important to remember that the amount of this cover depends on the price and value of your car. Expensive cars receive higher amounts of coverage, as repair costs are higher.

Protects you legally

In India, a car without insurance is legally prohibited from being driven on the streets. Even if you don’t have a comprehensive insurance policy, you are required to have a third-party insurance policy.

This policy covers the damages borne by the third-party in case you cause an accident. Your policy will remedy the damage caused to the other party’s vehicle and any injuries that they have suffered.

Driving a vehicle without insurance attracts legal repercussions. Your license and vehicle registration will be suspended, and you will be liable to pay a fine of Rs. 1,000. Instead of this, or in addition to these punishments, you may also be imprisoned for up to three months.

Provides added benefits

You can also opt for add-ons that enhance your policy’s coverage. Common add-ons include roadside assistance, zero depreciation cover, personal accident cover and engine protect cover.

Purchase these extra covers help you boost the benefits that you draw from your auto insurance policy.

It is evident why investing in a good insurance policy is an absolute must—regardless of whether it is a legal rule. For a premium, you can protect your investment manifold and contain the risk you and your vehicle may face when on the road.

A loan against property usually has a long repayment tenor, going up to 180 months. When selecting a tenor for your loan against property, there are several factors to keep in mind. Knowing these factors will also help you avoid defaulting on payments and paying penalties that accompany it.

Here’s a closer look at some important factors that influence the length of your tenor:

1. Your Monthly Income

Your monthly income lets you plan how much you can pay towards EMIs. Keeping this in mind, you can select a tenor that doesn’t strain your monthly finances significantly.

The longer the tenor, the lower each EMI will be. As a result, you will have to part with smaller amounts of your income. But, a longer tenor also means that you will bear the financial obligation of repayment for longer.

A shorter tenor, on the other hand, will have high EMIs. But you will be able to clear the loan quickly and boost your credit score too.

2. Your Age

Age is a factor that greatly determines the tenor of your loan against property. This is because young loan applicants have more scope for growth in the future and hence can opt for a longer tenor.

On the contrary, older people don’t have as many working years ahead of them and may be close to retirement. Younger applicants are also likely to have a higher disposable income, which allows them to take loans with a short tenor.

So, don’t forget to consider your age and retirement plan before selecting the tenor of the loan.

3. Maturity Dates Of Other Investments To Pay EMIs

Investments are a great way to multiply your wealth. It is best if you have a mix of investments in your financial portfolio even if you are borrowing a loan.

The reason for this is that the amount earned from your investments can be used to pay the loan’s EMIs and to make prepayments.

Hence, if you borrow a loan whose tenor lapses alongside the maturity of an investment, you can use the profit from it to pay the interest on your loan. This will also help you choose your loan tenor better.

4. The Tenors Of Other Borrowings Or Debt

When borrowing a loan against property, you should consider the tenors of existing debts and apply accordingly.

Applying for a loan after you have paid off other debts is ideal. This reduces your financial burden greatly.

Also, borrowing many loans with the same tenor negatively impacts your credit score and also makes repayment more difficult for you.

5. The Duration Of The Project That You Are Using The Loan For

If you are using the loan for a specific project, you should also consider its duration.

If your project’s deadline matches with the lapse of the loan tenor, then you can use profits from the former to repay your loan. This arrangement can make repayment more convenient.

When it comes to choosing your loan’s tenor, it is best to evaluate your options based on these five factors. After all, you want your loan to be affordable, convenient and hassle-free. Borrowing a Loan Against Property for Doctors from Bajaj Finserv checks all these boxes. Apart from this, you can enjoy quick disbursal and value-added services that enhance the benefits of your loan.

Are you facing the brunt of poor customer service and high interest rates? If that is the case, perhaps it is time for you to consider a home loan refinance. This move can help you enjoy the benefits of lower refinance interest rates and even better customer service from a new lender. Housing loan refinance involves changing over to a new lender with your existing loan.

Here are a few reasons why you should or could opt for it:

To Avoid High Interest Rates:

The interest rates vary from lender to lender; if a certain lender uses floating rates, interest rates tend to be controlled by the market and can soar incredibly high over a period. This could increase your EMIs and eat into your income. However, if you seek an immediate refinance loan from a new lender who offers low interest rates, you could end up saving a significantly large amount of money.

Poor Customer Service:

Good quality customer service has the capability to retain customers even in the most adverse situations. However, after acquiring a customer, certain lenders tend to become lax in delivering their services, which may create a stressful situation for the borrower. An instance of poor customer service is when the lender does not send loan statements on time or when the borrower has to deal with the lender’s incompetent and uncooperative staff. In such a case, seeking a refinance through a different lender who offers better service can work in your favour.

An individual’s financial status depends upon his/her income, investments and the ability to pay for expenses. This can rise or fall without prior warning. For example, if an investor loses money in equity, it could result in a decline in the overall financial status. Hence, in case your monthly income falls and you are unable to pay the same amount of EMIs, you might consider shifting to a new lender who charges lower interest rates.

Incentives with New Lenders:

Numerous lenders provide offers and incentives to borrowers seeking a refinance. These offers include the facility of top up loans with phenomenally low interest rates. Alternatively, a lender may also offer an incentive of having no form of penalty or fee over part-prepayment. While top up loans offers affordable financing over a long tenor and prepayment helps in reducing the principal and thus lowering EMIs, these offers are attractive when it comes to making the decision to do a home loan balance transfer.

To Change From Floating to Fixed Interest Rates:

Floating rates can fluctuate over time. Since these rates are completely market driven, they tend to rise or fall unpredictably. In fixed interest rates on the other hand, the rates are controlled and set based on MCLR or base rate systems. This ensures that they don’t rise beyond a certain point. Hence, if the existing lender has floating rate systems, a borrower may refinance with a new lender who uses fixed interest rates, at least for a particular duration.

These are some reasons why you should or may seek a home loan refinance. If you are looking for home loans with nominal interest rates and a top-up loan facility to meet your financial needs, consider a quick and rewarding balance transfer with Bajaj Finserv.

Often, a prospective lender may come across as reasonable and beneficial, only to cause problems later on. These could be in the form of high interest rates, bad customer service or even the existence of rigid anti-prepayment policies set by the lender.

However, it is important for you to not get overwhelmed by these disavowals and use a mediating path that offers more rewards than regrets.

Numerous lenders claim to offer low interest rates as part of a promotion or an advertising campaign. Once they have attracted enough customers, they hike their interest rates. Before you sign the contract, make sure you do your research and ascertain that the interest rate communicated to you is not a gimmick or part of a promotional campaign. Prevent yourself from being misled by advertisements.

Read and understand the lender’s policies thoroughly:

Before applying for a home loan balance transfer read the policy thoroughly. Understand all the rewards, rules, incentives, and regulations that you may be eligible for. This helps you better protect your interests and rights. Also, make sure you are well-versed with the prepayment policies of the new lender. While some lenders freely allow prepayment, others may charge prepayment penalties to protect their own interest.

Check for all charges and fees:

Loan schemes usually come with various home loan balance transfer charges. These may include the processing fee, application fee, franking fee and legal fee. Before you finalise the balance transfer, make sure you understand all the costs the new lender will charge. This will give you a clearer picture of whether the loan option has greater benefits or greater costs and eventually opt for the more rewarding scheme.

Search for additional incentives:

Some lenders offer borrowers additional incentives to complete a balance transfer in the form of low interest rates, relaxed regulations for prepayment and even a home loan balance transfer with top-up These incentives can make life with the new lender much easier for you.

The Bajaj Finserv Wallet app offers all the convenience of a digital wallet with a few extra features. Take a look.

You’re out of cash, you don’t want to locate an ATM, you want to transfer some cash to your friend stranded in a different city—the reasons for using a digital wallet are plenty. But, no matter what it is that you want your wallet to do, we’re sure you’re always on the hunt for a wallet that can do it better and give you added features. This is where the Bajaj Finserv Wallet steps in. The app is a power-packed mobile wallet that is sure to become your most preferred app. If you’re wondering why? Take a look at its six stellar features.

Everything, under one roof

From purchasing a data pack for your phone, recharging your DTH account, and getting a talktime recharge to paying electricity, internet, gas, and phone bills easily, the app lets you do everything with extreme ease. You can even make insurance payments and fill traffic challans! One tab neatly displays all the different payments that you can make, so that you don’t have to jump from one app to the other to get the job done.

It includes features of the EMI card

You can shop for products with greater ease on the Bajaj Finserv Wallet. Sort the results by popular offers, categories, or discounts offered. But the best way to shop with the Wallet, is by using the features of your Bajaj Finserv EMI Card. You can use it to purchase commodities on EMI from more than 43,000 stores in Bajaj Finserv’s EMI Network. The app comes built in with the features of the EMI Card so you can continue to make purchases on easy EMI.

It provides increased security and protection

As this wallet uses MobiKwik’s highly encrypted system, it is completely safe for making payments online. Think of it as your EMI Card with an added layer of security. How does this work? It has a provision that instantly allows you to block your EMI Card in case it is stolen or lost. All you have to do to protect yourself and your funds from harm, is to pull up the app and tap. No need to call a customer service line or waste precious time.

It features tweaks that make life simpler

Want to split a bill with your friend? Looking to ensure that your wallet always has funds so that you can make payments quickly and efficiently? The Bajaj Finserv Wallet understands this, which is why it has simple tweaks that help enhance your app usage experience. You can easily split a bill just by entering the amount, number of people, and type of expense. If you don’t want to bother about manually adding money to your wallet, leave it to the app. It will automatically add money to your account for you. You can also use this nifty feature to enable auto bill payment and recharge.

It offers customised services

The wallet uses your location and past search history to show you suggestions of vendors that you might be interested in. By showing you the most relevant results, the Bajaj Finserv Wallet helps you save time and shows you exactly what you’re looking for. Perfect for those who are too busy to sift through thousands of results. Simply turn to the app for results that match exactly what you had in mind.

It has exclusive offers

The Bajaj Finserv Wallet is the hub for various discounts, offers, cashbacks, and other incentives. You also have the chance to collect reward points that are offered individually by various vendors that are a part of the MobiKwik and Bajaj Finserv network. If you’re always looking for ways to shop smart, the Bajaj Finserv Wallet has got your back.

If you were on the fence, these six features are sure to have convinced you about the many benefits you stand to gain when you download the Bajaj Finserv Wallet. Whether it is shopping or paying mundane bills, the app will bring everything up to speed so that you don’t lose pace. Download the Bajaj Finserv Wallet to shop and transact effortlessly. For more information, click here.